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ROVOP enjoys a strong recovery in a challenging market

22nd January 2017

Because of multiple contract wins in 2016, independent subsea Remotely Operated Vehicle (ROV) service provider, ROVOP, has recovered strongly from the downturn in the oil and gas industry.

ROVOP, has recovered strongly from the downturn
ROVOP, has recovered strongly from the downturn

The company enjoyed a record period in the second half of its financial year with sales of almost USD12.4m and EBITDA of USD4.3m for the six months to September 2016, an increase of 14 per cent and 27 per cent respectively over the same period in 2015.

It also welcomed 15 new customers, spanning ten countries, to its high-profile global portfolio of clients and expanded its fleet with an electric work class ROV, the Seaeye Leopard, the most powerful vehicle for its size in the world.

“Our last financial year was very much in two halves,” chief executive, Steven Gray, said. “The bankruptcy of one of our major clients in 2015, Ceona, presented a significant challenge that came as the falling oil price bit hard.  But I am delighted with the way our team responded, delivering a strong rebound in activity and financial results to achieve a doubling of revenue from the first half of our financial year to the second.

“We have achieved several significant milestones this year.  These include our first project in South East Asia, the successful completion of a multi-year North Sea decommissioning project, the deepest unexploded ordnance survey and relocation project ever undertaken globally, the first installation of commercial scale tidal energy turbines in Scotland and securing a second world war submarine that posed a significant environmental risk.  I am delighted with the success of the projects and the momentum we have managed to build in a challenging landscape. 

“The market now clearly recognises that current generation ROVs lower cost, and the importance of the high-quality personnel employed by ROVOP and trained in our in-house academy.”

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